3Chopt Investment Partners LLC Takes $753,000 Position in Owens Corning (NYSE:OC)

3Chopt Investment Partners LLC purchased a new stake in Owens Corning (NYSE:OC) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 4,336 shares of the construction company’s stock, valued at approximately $753,000.

Other hedge funds have also modified their holdings of the company. SG Americas Securities LLC lifted its holdings in shares of Owens Corning by 102.0% in the 2nd quarter. SG Americas Securities LLC now owns 41,525 shares of the construction company’s stock valued at $7,214,000 after buying an additional 20,971 shares during the period. State Board of Administration of Florida Retirement System increased its stake in Owens Corning by 14.2% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 112,356 shares of the construction company’s stock valued at $18,741,000 after purchasing an additional 14,011 shares in the last quarter. EMG Holdings L.P. purchased a new position in Owens Corning in the 4th quarter valued at approximately $5,336,000. Bridgefront Capital LLC purchased a new position in Owens Corning in the 4th quarter valued at approximately $910,000. Finally, Ontario Teachers Pension Plan Board purchased a new position in Owens Corning in the 1st quarter valued at approximately $997,000. 88.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

OC has been the subject of several research analyst reports. Citigroup raised Owens Corning from a “neutral” rating to a “buy” rating and raised their price objective for the company from $178.00 to $191.00 in a research note on Thursday, July 11th. Barclays dropped their price objective on Owens Corning from $190.00 to $189.00 and set an “equal weight” rating for the company in a research note on Friday, July 12th. Evercore ISI dropped their price target on Owens Corning from $188.00 to $175.00 and set an “in-line” rating for the company in a research report on Wednesday, August 7th. UBS Group raised their price target on Owens Corning from $192.00 to $197.00 and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Finally, Royal Bank of Canada raised their price target on Owens Corning from $211.00 to $213.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $184.23.

Insider Activity at Owens Corning

In related news, insider Marcio A. Sandri sold 3,050 shares of Owens Corning stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total value of $518,500.00. Following the transaction, the insider now owns 60,130 shares in the company, valued at $10,222,100. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Owens Corning news, insider Marcio A. Sandri sold 3,050 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total transaction of $518,500.00. Following the transaction, the insider now owns 60,130 shares in the company, valued at $10,222,100. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Marcio A. Sandri sold 3,051 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $176.50, for a total value of $538,501.50. Following the transaction, the insider now owns 57,079 shares in the company, valued at approximately $10,074,443.50. The disclosure for this sale can be found here. 0.89% of the stock is owned by insiders.

Owens Corning Price Performance

OC stock opened at $176.30 on Tuesday. Owens Corning has a 52-week low of $109.95 and a 52-week high of $191.13. The stock has a market capitalization of $15.28 billion, a price-to-earnings ratio of 14.28, a price-to-earnings-growth ratio of 3.47 and a beta of 1.41. The company has a quick ratio of 0.79, a current ratio of 1.37 and a debt-to-equity ratio of 0.91. The stock’s fifty day simple moving average is $167.42 and its 200-day simple moving average is $170.34.

Owens Corning (NYSE:OC) last issued its earnings results on Tuesday, August 6th. The construction company reported $4.64 earnings per share for the quarter, beating analysts’ consensus estimates of $4.37 by $0.27. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The firm had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.92 billion. During the same quarter last year, the firm earned $4.22 earnings per share. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. Equities research analysts expect that Owens Corning will post 15.38 EPS for the current year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 4th. Investors of record on Friday, October 18th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date of this dividend is Friday, October 18th. Owens Corning’s payout ratio is currently 19.43%.

Owens Corning Profile

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.